Sudan Discusses Ditching Dollars in Trade with Russia

Khartoum eager to expand trade ties with Moscow, says Russian ambassador to Sudan

Sudan and Russia are considering ways to switch to their own currencies in a mutual settlement, Sudan’s ambassador to Russia Hassan Mohamed Elghazali Ertijani Siraj told RIA Novosti news agency.

Diplomats say central banks are currently discussing that possibility.

“Russia has proposed to Sudan to use a financial transaction system using its own currency. The issue is being discussed by the central banks of both countries. See if this is possible. This is mostly a technical issue.Central banks should study this issue to see how it works in practice and see results in the near future‘ explained Siraj.

Russia has aggressively steered away from the US dollar and euro in foreign trade for months after Western sanctions against Russia rendered its currency unreliable. Instead, we are expanding our circle of trading partners, whose settlements are made in local currencies.

Sirraj said Sudan is keen to expand trade ties with Russia and its strategic location could make it a hub for selling Russian products to other African countries. Siraj said the amount of trade between the two countries has not yet been achieved.”desirablelevel, promoting closer economic ties between the two countries.

“Especially since we have a solid foundation for that, I believe we can work together and develop our relationship further in the future. In the near future, we would like to increase the level of economic exchange. We also want to open up the Russian market for goods from Sudan, especially in the agricultural sector.In my opinion today’s trade volume is not at the desired level – an increase would have a positive impact on both Russia and Sudan.”

The diplomat suggested that Sudan could supply the Russian market with quality cotton, nutritional supplements and seasonal fruits while purchasing grain and oil from Moscow.

Khartoum is also interested in strengthening cooperation with Russian companies in mineral exploration and mining. A number of Russian exploration and mining companies are already operating in Sudan, Sirraj said, and the African country hopes to attract more Russian investment to the sector, with several agreements underway. already discussed.

Last month, Russian Foreign Minister Sergei Lavrov visited Sudan and met with Sudanese Foreign Minister Ali Al-Sadiq and other senior officials. Siraj said Lavrov’s visit was an important milestone in the development of bilateral relations between Sudan and Russia.

For more articles on economics and finance, click here Division of RT